African Excellence Awards 2019

20 MEA MARKETS / 2019 African Business Excellence Awards , KwaZulu-Natal Joint Municipal Pension/ Provident Funds Pension Fund Providers of the Year 2019 - South Africa KwaZulu-Natal Joint Municipal Pension/Provident Funds provides innovative investment options for a range of clients. We profile the firm to find out more and explore the secrets behind the popularity of its funds. May19137 South Africa Based KwaZulu- Natal is responsible for three funds. The first two funds, the Natal Joint Municipal Pension Fund (Superannuation), and the Natal Joint Municipal Pension Fund (Retirement), are both defined benefit funds with guaranteed predictable benefits. The Superannuation Fund was established in 1942 as a defined benefit fund, and provides lump sum and monthly pension benefits upon the retirement or death of members, calculated on salary and service. The Retirement Fund was established in 1967 as a defined contribution fund and was subsequently converted into a defined benefit fund for the lower income members, in 1975. Finally, the third fund, the KwaZulu-Natal Joint Municipal Provident Fund, is a defined contribution fund. In the Provident Fund. As such, the fund credit, in this case retirement savings, depends on employer and employee contributions, as well as interest on investments and returns by the fund, where the member bears the investment risk. It was established in 1996 as a defined contribution fund, and provides lump sum benefits only, upon the retirement or death of members, based on total accruals in respect of contributions paid by both member and employer, plus profit and interest earned. Together the three funds provide pension benefits for municipal employees in the province of KwaZulu-Natal, gives members a choice of products, rate of contributions and the facility to transfer between the three funds according to changing life circumstances. Overall, NJMPF’s mission is to serve the best interests of the members by ensuring a high standard of retirement services to provide financial security. This mission is accomplished through the funds’ responsibilities, which include pension administration; the collection, reconciliation and sound investment of contributions through prudent investment risk parameters. Looking ahead, the firm will continue to manage these funds to ensure strong returns and exceptional investor support. Company: KwaZulu-Natal Joint Municipal Pension/Provident Funds Contact: Cheryl Ward Website: http://www.njmpf.co.za/